SK Innovation Co. has made an investment in its subsidiary in the U.S. to invest in the shale oil and gas industry in the country.
The company officially announced on March 20 that it has decided to invest 485.3 billion won (US$453.55 million) in SK E&P America Inc., a wholly owned subsidiary that develops petroleum in the U.S. An official from SK Innovation said, “We made an investment in our U.S.-based unit to invest in oil and gas in the North American regions.”
This is considered the follow-up measures of the company’s investment plans announced in June last year when SK Group accompanied President Moon Jae-in during his visit the United States as the economic mission. At that time, SK Group said it would invest up to US$4.4 billion (4.71 trillion won) in the energy sector, including the development of shale gas fields, in the U.S.
In addition, SK Group’s energy subsidiary SK E&S recently invested 169.6 billion won (US$158.5 million) in its U.S.-based unit SK E&S Americas Inc. for the investment in gas fields and operation costs.